March 14, 2024

Housing market continues to show promising signs... Market Update for 3/14/2024

Cute dog with party glasses at home. St. Patrick s Day celebration

The housing market continues to show promising signs of a better spring homebuying season that we saw last year. Both closed and pending sales appear to have risen again in February and all signs point to a market that is heating up as days on market falls, the percentage of sellers discounting to attract buyers falls, and the percentage of homes closing above list price rises.

 

Market data still looks encouraging: Pending sales in February rose for the 3rd straight month in February, showing that even the modest decline in rates we have seen this year are helping to get buyers off of the sidelines. The number of homes entering escrow last month increased by 8.2% compared with February 2023. In addition, California has finally begun to see a slight increase in new inventory hitting the market. In fact, new listings added to MLSs across the state were up by double-digits in January and February—the first noticeable increase since rates first started to rise. However, pending and sales also both look to be up by or near double-digits meaning that overall active inventory levels remain almost unchanged. As demand seems to pick up much more quickly than new supply, small changes in rates have already caused the market to become more competitive. 

 

Home purchase sentiment climbs for the third straight month: Home Purchase Sentiment released by Fannie Mae rose again in February 2024, with the index inching up 2.1 points to 72.8 in the latest monthly read. More respondents to the sentiment survey felt better last month about home buying and home selling, with those who said it was a good time to buy rising 2 percentage points to 19% and those who said it was a good time to sell jumping 5 percentage points to 65%. Despite a small monthly dip of one percentage point, over a third of respondents (35%) continued to believe that mortgages will decline in the next 12 months, a sharp increase from the share of 15% recorded 12 months ago. Moreover, the share of consumers who said it would be easy to get a home mortgage today improved from 4 percentage points to 46% in February. Consumers were also slightly more optimistic last month about the economy, as an increasing number of them (31%) believed the economy was on the right track, a moderate improvement from January (25%).

 

Homeowner equity rises again in the fourth quarter: Homeowner equity increased solidly on an annual basis for the second consecutive quarter in Q4 2023, according to the latest CoreLogic Homeowner Equity Insights report. Homeowners with mortgages in the U.S. have seen an aggregated increase of $1.3 trillion in equity since Q4 2022, a jump of 8.6% year-over-year. Mortgaged residential properties with negative equity declined 1.1% from Q3 2023 and 15% from Q4 2023. Roughly 1.8%, or one million, of all mortgaged properties were underwater, which was significantly below the peak of 26% observed in Q4 2009. On average, U.S. homeowners with mortgages gained $24,000 in equity last quarter compared to a year ago. California had the fourth highest gain of all states, with an average homeowner equity increase of $49,000 year-over-year in Q4 2023. The Golden State had a share of homes with negative equity at 0.7% in Q4 2023 and was the state with the smallest share among all states reported by CoreLogic.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Hope you have a great St. Patrick's Day!

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

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Coming Soon

700 E Ocean Blvd #607

Long Beach 90802

1 Bed | 1.5 Bath | 880 SF | $625,000

 

Amazing ocean views from every room in this beautifully remodeled open floor plan condo at the International Tower! This beautifully updated modern high-rise condo features hardwood flooring, fresh interior paint, scraped ceilings, and is light and bright with expansive ocean views. 

For Sale

6544 Cerritos Ave.Long Beach 90805

2 Bed | 1 Bath | 1,198 SF | $735,000

 

Welcome to 6544 Cerritos Ave, a charming slice of Spanish-inspired architecture nestled in the heart of North Long Beach. This classic 2-bedroom, 1-bathroom home boasts timeless elegance coupled with modern upgrades, offering comfort and style.

837 Chestnut Ave. #12

Long Beach 90813

1 Bed | 1 Bath | 611 SF | $320,000

 

Step into this wonderful top-floor unit boasting an open floor plan in a mid-century style building. This property presents a unique opportunity to own a fantastic rental or a charming coastal condo just moments away from the beach.

For Rent

12661 Martha Ann Dr.

Rossmoor 90720

4 Bed | 3.5 Bath | 2,221 SF | $6,000 / mo

 

Welcome Home - Located in the highly sought-after prestigious community of Rossmoor, Orange County. All elements throughout this 4 bedroom, 3.5 bath turn-key home come together to create a space that radiates contemporary style with modernist amenities.

In Escrow

2892 Walker Lee Dr.

Rossmoor 90720

5 Bed | 8 Bath | 6,041 SF | For Rent $15,000 / mo

 

Welcome home to perfection in this one-of-a-kind home in the highly sought after community of Rossmoor. Breathtaking elegance is evident upon arrival & deepens with the discovery of each exquisitely unique space, feature & divine amenity.  

Recently Sold

14715 Bellflower Blvd.

Bellflower 90706

2 Bed | 1 Bath | 805 SF | $655,000

 

Welcome to your ideal starter home located in the heart of Bellflower! With its proximity to local amenities and welcoming neighborhood, this home is a must-see on your home-buying journey.

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $720,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

8230 Santa InezBuena Park 90602

4 Bed | 2 Bath | 1,194 SF | $625,000

 

Beautifully remodeled end unit townhouse in Buena Park! 4 bedrooms, 2 baths with open floor plan, modern kitchen, and private backyard.

3825 Linden Ave. 

Long Beach 90807

3 Bed | 2 Bath | 2,142 SF | $1,350,000

 

Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd. 

2512 W Beachy Pl 

Anaheim 92804

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

Facebook  Twitter  Instagram  Linkedin  Youtube  

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

 

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

March 7, 2024

New Expectations For Mortgage Rates - Market Update for 3/8/2024

Luxurious and elegant living room with slate and dark yellow tones

Recent economic reports suggest that inflation continues to cool from last year but may remain sticky in the short term. As a result, mortgage rates have been moving mostly sideways in the past couple of weeks. With the labor market easing and consumers spending less since the start of the year, the economy could see a slowdown in the months ahead. While it is widely expected that the Federal Reserve will not cut its policy rate in its upcoming meeting, mortgage rates could begin to trend down more meaningfully towards the end of the second quarter if the economy continues to slow. 

 

Mortgage rates remain elevated after key inflation data: The average 30-year fixed rate mortgage (FRM) reported by Freddie Mac for the week ending February 28 climbed again for the fourth consecutive week to the highest level since mid-December of last year. More recent data collected by Mortgage News Daily, however, indicated that rates moderated slightly since early last week. A tick-up in jobless claims and the 12th straight downward move on a key inflation metric were the primary reasons for the decline. While the latest PCE deflator – the Federal Reserve’s preferred inflation measure – reflected a continuing cooling trend in inflation on an annual basis, it also recorded the highest monthly gain since January 2023, a sign that suggests that inflation could remain sticky. The Fed wants to see more evidence that inflation is slowing consistently and could wait until the second half of the year before making any rate cuts. Mortgage rates, as a result, could remain elevated at the start of the homebuying season.  

 

Income edges up but inflation-adjusted spending dips: Americans were making more in January but may not be spending more after accounting for inflation. Personal income growth jumped 1% on a month-over-month basis and recorded the highest increase since July 2021. Strong wage growth (0.4%) last month continued to put upward pressure on personal income growth, but gains in rental income (+1.6%), receipts on assets (+2.1%), and cost-of-living adjustment to Social Security also contributed to the rise in personal income. Despite the increase in income, consumers were still spending less after adjusting for inflation. With the core PCE deflator notching its biggest monthly gain in 12 months, real consumer spending, in fact, declined 0.1%, the lowest since August of last year.  

 

Construction spending unexpectedly falls in January: Construction spending in the U.S. started off the year slow with total outlays declining on a month-to-month basis by 0.2% in January, its first drop in 13 months. While the overall spending continued to increase on a year-over-year basis by 11.7%, the monthly dip was a slight surprise as economists projected a 0.2% increase for the month. Harsh winter weather likely played a role in the decline and last month’s weakness remained concentrated in the nonresidential sector. Residential spending continued to rise solidly at the start of the year, with single-family outlays jumping 0.6% month-over-month in January. Multifamily spending, on the other hand, dropped for the fourth time in the past five months, with a monthly decline of 0.6% in the first month of the year. With vacancy rate likely to climb as more new apartments are expected to be released this year, multifamily construction should pull back further in the next 12 months.

 

Mortgage delinquency holds steady near historic lows: Mortgage delinquency inched up at the end of 2023 but remained near record low levels, according to a recent report from CoreLogic. Mortgage borrowers who were late in making their payments by at least 30 days or more accounted for 3.1% of all outstanding mortgages in December, an increase of 0.1 percentage point from 3.0% recorded in December 2022. Seventeen states reported year-over-year increase in overall delinquency rate and 15 states had their rates remained unchanged from a year ago. Alaska and Oklahoma recorded the largest annual declines in December 2023. With fewer buyers overleveraging in recent years when purchasing their properties and home equity remaining on the rise, delinquency rate maintained its stability in the past couple of years. With home prices projected to increase in 2024 and the economy likely to experience a mild growth this year, delinquency rate could rise but is not expected to increase sharply in the next 12 months. 

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

For Sale

6544 Cerritos Ave.Long Beach 90805

2 Bed | 1 Bath | 1,198 SF | $735,000

 

Welcome to 6544 Cerritos Ave, a charming slice of Spanish-inspired architecture nestled in the heart of North Long Beach. This classic 2-bedroom, 1-bathroom home boasts timeless elegance coupled with modern upgrades, offering comfort and style.

837 Chestnut Ave. #12

Long Beach 90813

1 Bed | 1 Bath | 611 SF | $320,000

 

Step into this wonderful top-floor unit boasting an open floor plan in a mid-century style building. This property presents a unique opportunity to own a fantastic rental or a charming coastal condo just moments away from the beach.

For Rent

12661 Martha Ann Dr.

Rossmoor 90720

4 Bed | 3.5 Bath | 2,221 SF | $6,000 / mo

 

Welcome Home - Located in the highly sought-after prestigious community of Rossmoor, Orange County. All elements throughout this 4 bedroom, 3.5 bath turn-key home come together to create a space that radiates contemporary style with modernist amenities.

In Escrow

14715 Bellflower Blvd.

Bellflower 90706

2 Bed | 1 Bath | 805 SF | $645,000

 

Welcome to your ideal starter home located in the heart of Bellflower! With its proximity to local amenities and welcoming neighborhood, this home is a must-see on your home-buying journey.

2892 Walker Lee Dr.

Rossmoor 90720

5 Bed | 8 Bath | 6,041 SF | For Rent $15,000 / mo

 

Welcome home to perfection in this one-of-a-kind home in the highly sought after community of Rossmoor. Breathtaking elegance is evident upon arrival & deepens with the discovery of each exquisitely unique space, feature & divine amenity.  

Recently Sold

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $720,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

8230 Santa InezBuena Park 90602

4 Bed | 2 Bath | 1,194 SF | $625,000

 

Beautifully remodeled end unit townhouse in Buena Park! 4 bedrooms, 2 baths with open floor plan, modern kitchen, and private backyard.

3825 Linden Ave. 

Long Beach 90807

3 Bed | 2 Bath | 2,142 SF | $1,350,000

 

Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd. 

2512 W Beachy Pl 

Anaheim 92804

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

Facebook  Twitter  Instagram  Linkedin  Youtube  

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

 

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

Feb. 29, 2024

Market Competitiveness Ramps Up As Inventory Remains Tight - Market Update for 3/1/2024

 A Modern Beach House_  private swimming pool _panoramic sky and sea view _ 3d rendering

After a dip in rates spurred a boost to housing in January, the recent increase back above 7% demonstrates that the rebound will be bumpy as pending sales cooled. Still, all signs indicate that buyers have begun to adjust to more normal rates than we enjoyed during the pandemic as several key indicators of market competitiveness describe a market that is heating up as the Spring homebuying season approaches. Still, other trends show that homebuyer demand remains more depressed than it should be and buyers would do well to consider the long-term benefits of homeownership (which are well documented) alongside their short-run concerns about the market.

 

Pending sales flat in February but holding on to recent gains: Pending home sales in January posted an even larger year-to-year gain than California enjoyed in closed sales last month. That suggests that the recent rebound in the market reported last week should continue through February and the first half of March. Much of the recent rise in closed sales has been driven by the top-end of the market, which is once again rising by double digits in the $1 million and up segments of the market. In addition, the rise has been fairly consistent in various parts of the state with more affordable and denser urban metros all showing similar improvements this year. Rates did reverse course this month, so the second half of March could see weaker activity, but thus far, interest rates have been trending mostly flat, albeit with significant volatility week to week.

 

Market competitiveness ramps up as inventory remains tight: The primary sign indicating that consumers have begun to adapt to the current rate environment is demonstrated by how competitive the market has gotten before the Spring homebuying season has even gotten underway. For example, days on market continues to drop as homes start to sell more quickly. Typically, the median time on market peaks in January each year and falls throughout the busy season. In 2023, the median time from the time a home hit the market and went pending peaked at 42 days. This year, it peaked at 36 days and has been falling for the past four weeks in a row to just 20 days last week. More homes selling above list price has been trending up and was almost half of all closed sales last week. 

 

New home sales on the uptick: Active listings at the state level dipped again on a year-over year basis for ten straight months, but the decline for the current month was the smallest. More importantly, new active listings at the state level increased from a year ago for the first time in 19 months and the annual increase was the largest since May 2022. Potential home sellers could hit the pause button on listing their house in the next few weeks though, as rates climbed back up to a two-month high late last week due to the latest inflation concerns. In general, rates are expected to decline later this year, and available inventory should slowly improve throughout 2024.

 

Rates come down slightly last week: Although the U.S. saw a very strong jobs report for January that drove a surge in both 10-year bons as well as 30-year mortgage rates a few weeks ago, the Freddie Mac reading on average consumer rates ticked back down from 6.9% last week to 6.77% this week. However, there has been a growing divergence between the Freddie Mac number and daily rates being quoted in the marketplace, which remain above 7% as we began the final week of February. Given the latest economic data, rates are not expected to drop as quickly and many forecasters no longer expect the Fed to begin cutting rates until the second half of the year. As such, some prospective homebuyers may opt to return to the market now and refinance later compared to when rates were expected to fall faster.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

For Sale

837 Chestnut Ave. #12

Long Beach 90813

1 Bed | 1 Bath | 611 SF | $320,000

 

Step into this wonderful top-floor unit boasting an open floor plan in a mid-century style building. This property presents a unique opportunity to own a fantastic rental or a charming coastal condo just moments away from the beach.

For Rent

2892 Walker Lee Dr.

Rossmoor 90720

5 Bed | 8 Bath | 6,041 SF | $15,000 / mo

 

Welcome home to perfection in this one-of-a-kind home in the highly sought after community of Rossmoor. Breathtaking elegance is evident upon arrival & deepens with the discovery of each exquisitely unique space, feature & divine amenity.  

12661 Martha Ann Dr.

Rossmoor 90720

4 Bed | 3.5 Bath | 2,221 SF | $6,000 / mo

 

Welcome Home - Located in the highly sought-after prestigious community of Rossmoor, Orange County. All elements throughout this 4 bedroom, 3.5 bath turn-key home come together to create a space that radiates contemporary style with modernist amenities.

In Escrow

14715 Bellflower Blvd.

Bellflower 90706

2 Bed | 1 Bath | 805 SF | $645,000

 

Welcome to your ideal starter home located in the heart of Bellflower! With its proximity to local amenities and welcoming neighborhood, this home is a must-see on your home-buying journey.

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $699,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

 

Recently Sold

3825 Linden Ave. 

Long Beach 90807

3 Bed | 2 Bath | 2,142 SF | $1,350,000

 

Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd. 

2512 W Beachy Pl 

Anaheim 92804

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

Facebook  Twitter  Instagram  Linkedin  Youtube  

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

Feb. 22, 2024

California had a good start in 2024 - Market Update for 2/23/2024

3d rendering of modern cozy house with pool and parking for sale or rent in luxurious style and beautiful landscaping on background. Clear summer evening with cozy light from window

California had a good start in 2024 with both housing supply and buyer demand showing signs of improvement in January. While the market will likely face headwinds in the coming months as mortgage rates continue to fluctuate, the lending environment is expected to be more favorable in 2024. Rates will ease again as inflation stabilizes in the second quarter and the market could see more pent-up demand being converted into sales in the spring homebuying season.

 

California home sales kick off the new year with a positive note: January home sales in California reached the highest level in six months, with the statewide existing single-family home sales registering a year-over-year gain for the first time in 31 months. Pending sales at the state level also increased year-over-year for the first time since May 2021, signaling the possibility of a back-to-back annual increase in closed sales in February. With rates dropping sharply at the end of last year, many homebuyers on the sidelines reentered the market and pushed sales up a notch in the first month of 2024. While the increase in January was encouraging, sales were below the 300,000-unit threshold for the 16th straight month and will likely remain under that level in the first quarter. 

 

Median price dips from the prior month but registers another annual gain in January: The statewide median price of existing single-family homes dipped below the $800,000 benchmark for the first time in ten months but continued to record a modest year-over-year gain in January. All major regions except the Far North increased in their median price from a year ago at the start of 2024. Despite mortgage rates rising in the last few weeks, home prices should remain on their upward trend and continue to grow moderately from a year ago in the next couple of months as housing supply remains tight. 

 

Housing supply shows signs of improvement but headwinds remain: Active listings at the state level dipped again on a year-over year basis for ten straight months, but the decline for the current month was the smallest. More importantly, new active listings at the state level increased from a year ago for the first time in 19 months and the annual increase was the largest since May 2022. Potential home sellers could hit the pause button on listing their house in the next few weeks though, as rates climbed back up to a two-month high late last week due to the latest inflation concerns. In general, rates are expected to decline later this year, and available inventory should slowly improve throughout 2024.

 

Consumer inflation tops expectations again in January: Consumer prices rose from a year ago by 3.1% in January. While the number was a dip from the 3.4% gain in December, it was higher than the consensus forecast of 2.9%. The Core CPI – inflation excluding food and energy – was unchanged on an annual basis in January, with the index registering a 3.9% gain from 12 months ago, the same as what was recorded in December 2023. The index also came in higher than the 3.7% predicted by economists. Shelter costs remained stubbornly high, with its index increasing 6.0% year-over-year, and accounted for two-thirds of the monthly all items increase. With inflation remaining sticky and the January CPI data not giving the Fed any evidence that a slowdown in price pressures is broadening beyond goods, the odds of a rate cut in the March FOMC meeting are very slim.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

For Sale

5372 Kenilworth Dr.

Huntington Beach 92649

4 Bed | 5 Bath | 2,293 SF | $1,650,000

 

Discover the allure of coastal living, nestled in Huntington Beach's prestigious 92649 ZIP code, mere steps from the ocean. This exquisite residence boasts a prime location that merges seamless accessibility to the Brightwater Trail with the tranquility of the Bolsa Chica Ecological Reserve right in your backyard. 

837 Chestnut Ave. #12

Long Beach 90813

1 Bed | 1 Bath | 611 SF | $320,000

 

Step into this wonderful top-floor unit boasting an open floor plan in a mid-century style building. This property presents a unique opportunity to own a fantastic rental or a charming coastal condo just moments away from the beach.

For Rent

2892 Walker Lee Dr.

Rossmoor 90720

5 Bed | 8 Bath | 6,041 SF | $15,000 / mo

 

Welcome home to perfection in this one-of-a-kind home in the highly sought after community of Rossmoor. Breathtaking elegance is evident upon arrival & deepens with the discovery of each exquisitely unique space, feature & divine amenity.  

12661 Martha Ann Dr.

Rossmoor 90720

4 Bed | 3.5 Bath | 2,221 SF | $6,500 / mo

 

Welcome Home - Located in the highly sought-after prestigious community of Rossmoor, Orange County. All elements throughout this 4 bedroom, 3.5 bath turn-key home come together to create a space that radiates contemporary style with modernist amenities.

In Escrow

14715 Bellflower Blvd.

Bellflower 90706

2 Bed | 1 Bath | 805 SF | $645,000

 

Welcome to your ideal starter home located in the heart of Bellflower! With its proximity to local amenities and welcoming neighborhood, this home is a must-see on your home-buying journey.

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $699,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

 

3825 Linden Ave. 

Long Beach 90807

3 Bed | 2 Bath | 2,142 SF | $1,250,000

 

Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd. 

Recently Sold

2512 W Beachy Pl 

Anaheim 92804

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

Facebook  Twitter  Instagram  Linkedin  Youtube  

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

 

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

Feb. 15, 2024

Market Momentum Is Improving - Market Update for 2/16/2024

Asian family Happy Daughter pointing parents to look after her _ with child over house background.

Housing affordability continued to be an issue at the end of last year and will likely remain a challenge for many homebuyers in 2024. With rates expected to decline in the next 12 months, however, recent reports suggest that consumers are beginning to feel more positive about the current housing market conditions, and those on the sidelines could reenter the market if the economy remains healthy and rates continue their downward trend. Preliminary market data collected in the past few weeks also indicates that both sales and listings have been slowly improving since the end of 2023. If this market momentum continues, the California housing market could see an encouraging start for 2024.

 

Housing affordability remains at 16-year low in the fourth quarter of 2023: Housing affordability in California remained under pressure in the last quarter of 2023, with the statewide index for existing single-family homes remaining unchanged from the previous quarter at 15%. High prices, along with higher mortgage rates, pushed costs of borrowing up a notch at the end of 2023, ultimately keeping California affordability at the lowest level in 16 years for the second consecutive quarter. The monthly mortgage payment for a median-priced home (including taxes and insurance) inched up 0.7% from Q323 and jumped 11.2% from Q422, as the effective mortgage rate moved up 25 basis points (bps) quarter-to-quarter and increased 59 bps from a year ago to a 23-year high of 7.39% in Q423. A minimum annual income of $222,800 was required to make the monthly payment of $5,570 in the fourth quarter. With home prices expected to rise in 2024, affordability will remain low but could improve slightly if rates dip meaningfully in the next 12 months. 

 

Home purchase sentiment reaches highest level in nearly two years: Home Purchase Sentiment released by Fannie Mae rose again in January 2024, with the index increasing 3.5 points to 70.7 in the latest monthly read, the highest point since March 2022. The climb was due partly to the increase in consumer confidence in job security and partly due to the jump in the share of consumers who expected mortgage rates to decrease in the short term. Respondents expecting mortgage rates to go down in the next 12 months, in fact, reached an all-time high of 36% in January. Despite the optimism in rate movement, consumer perception on homebuying remained pessimistic, and the share who believed that it is a good time to buy stayed low at 17%, unchanged from the prior month. With affordability expected to improve slightly but remain low in coming quarters, home purchase sentiment could inch up in 2024 but the increase will be mild. 

 

Business leaders feeling more positive about the economy: CEO’s optimism about the current economic conditions has improved solidly at the beginning of the year compared to the previous quarter, according to the Conference Board Measure of CEO Confidence. The index surged to 53 in Q124 from 46 in Q423 and surpassed 50 for the first time since Q122. A reading of above 50 indicates that there were more positive than negative responses, a reflection of CEOs feeling more optimistic about their economic outlook. Nearly one-third (32%) of CEOs said that general economic conditions are better than they were six months ago, an increase from 18% reported in Q423. Close to two out of five (36%) in Q124 expected the economy to improve over the next six months, a jump from 19% in the prior quarter. When asked about the main U.S. challenge affecting their business this year, half of them cited “political uncertainty ahead of 2024 elections” as the greatest challenge. As for global challenges for their business in 2024, “the spread of existing wars” was cited the most at 46% by the respondents. There are economic opportunities in the year ahead as well, as “reduced inflation” (34%) and “the Fed interest rate cuts” (28%) were seen as the top U.S. developments that will benefit businesses this year. 

 

Short-term inflation expectations remain mostly stable: Consumers expectations on inflation a year from now were mostly unchanged in January, according to the latest New York Fed’s Survey of Consumer Expectations. At the one-year horizon, the median inflation expectation recorded a 3% in January, the same as what was reported in December 2023, but a sharp drop from 5% registered in January 2023. Two out of five (41.3%) of the respondents expected inflation to rise above 4% a year from now, while one out of four (24.5%) believed inflation should be between 2% to 4% in a year, and one out of three (34.1%) projected inflation to be below 2% a year out.

 

Construction spending gains momentum at the end of 2023: U.S. construction continued to expand as spending in December increased 0.9% month-over-month and jumped 13.9% year-over-year. Residential outlays played a big role in the overall gain, as construction spending in residential in the final month of the year went up 1.4% from the prior month and surged 6.8% from December 2022. With existing housing supply remaining tight and mortgage rates expected to trend down in the next 12 months, residential spending – single-family outlays in particular – should rise further as home builders continue to scale up production in 2024.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

For Sale

5372 Kenilworth Dr.

Huntington Beach 92649

4 Bed | 5 Bath | 2,293 SF | $1,650,000

 

Discover the allure of coastal living, nestled in Huntington Beach's prestigious 92649 ZIP code, mere steps from the ocean. This exquisite residence boasts a prime location that merges seamless accessibility to the Brightwater Trail with the tranquility of the Bolsa Chica Ecological Reserve right in your backyard. 

14715 Bellflower Blvd.

Bellflower 90706

2 Bed | 1 Bath | 805 SF | $645,000

 

Welcome to your ideal starter home located in the heart of Bellflower! With its proximity to local amenities and welcoming neighborhood, this home is a must-see on your home-buying journey.

837 Chestnut Ave. #12

Long Beach 90813

1 Bed | 1 Bath | 611 SF | $320,000

 

Step into this wonderful top-floor unit boasting an open floor plan in a mid-century style building. This property presents a unique opportunity to own a fantastic rental or a charming coastal condo just moments away from the beach.

For Rent

2892 Walker Lee Dr.

Rossmoor 90720

5 Bed | 8 Bath | 6,041 SF | $15,000 / mo

 

Welcome home to perfection in this one-of-a-kind home in the highly sought after community of Rossmoor. Breathtaking elegance is evident upon arrival & deepens with the discovery of each exquisitely unique space, feature & divine amenity.  

12661 Martha Ann Dr.

Rossmoor 90720

4 Bed | 3.5 Bath | 2,221 SF | $6,500 / mo

 

Welcome Home - Located in the highly sought-after prestigious community of Rossmoor, Orange County. All elements throughout this 4 bedroom, 3.5 bath turn-key home come together to create a space that radiates contemporary style with modernist amenities.

In Escrow

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $699,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

 

3825 Linden Ave. 

Long Beach 90807

3 Bed | 2 Bath | 2,142 SF | $1,250,000

 

Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd. 

2512 W Beachy Pl 

Anaheim 92804

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

Recently Sold

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

Facebook  Twitter  Instagram  Linkedin  Youtube  

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

 

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

Feb. 8, 2024

Fed Holds Rates Steady, But Warn They May Be Slow Coming Down - Market Update for 2/9/2024

The Federal Reserve left interest rates unchanged at their recent meeting and signaled that they will be closely monitoring the data for improving signs on inflation to begin lowering, but a better-than-expected employment figures for January drove 10-year Treasury prices down and bond and mortgage rates rising this past week. The resilience of the macro economy may mean the anticipated rate cuts will be slower to manifest than many had hoped. However, weekly numbers on pending sales show that consumers were taking advantage of the recent reprieve on rates we enjoyed last month, and closed sales could begin to tick up as the spring homebuying season beings in earnest over the next few months.

 

Fed Holds Rates Steady, But Warn They May Be Slow Coming Down: The Federal Reserve’s Open Market Committee (FOMC) met last week and decided to leave rates unchanged, which was anticipated in advance by the market. The FOMC signaled that they were done raising interest rates, but that future cuts would be driven by sustained improvements in inflation. As such, many analysts have pegged May as the earliest that we might see the first cuts with deeper reductions in the Fed Funds Rate not coming until the second half of 2024. Yet despite no surprises from the Fed, the meeting was quickly followed by a very strong jobs report that sent the 10-year back above 4% and the daily reading on mortgage rates back above 7% for the first time this year.

 

Homebuyers Jumped Back In As Rates Came Down: The average 30-year fixed rate mortgage hit 6.61% at the end of 2023 and the beginning of 2024 and recent signs show that homebuyers responded. Mortgage purchase applications have been on the uptick for 4 weeks in a row with the overall index reaching its highest level since September 2023. In addition, pending sales data for January shows a double-digit increase over early 2023 levels with gains being reported in almost every region of the state. The number of new listings has picked up in recent weeks, but the corresponding increase in closed and pending transactions has caused the total active inventory to remain flat. Days on market has likely peaked for the year, reaching a high of 36 days in January compared to a median of 42 days last January. The ongoing competitiveness of California’s residential market suggests that the recent reduction in rates has only deepened the supply imbalance by bringing more buyers to the market with only a minimal amount of new inventory.

 

Strong Jobs Numbers Drive Bearish Bond Market: Last week, the nonfarm employment numbers blew past consensus expectations, which called for 180,000 new jobs in January compared with the actual tally of 335,000. Many of these new jobs were created in the state and local government sector, though many private-sector jobs were created as well. The unemployment rate held steady at 3.7% last month, but the labor force actually shrunk last month for the third time in the past 4 months suggesting that some workers have begun to get discouraged and give up on their job searches. Still, the new data on job openings shows that there are still roughly nine million open positions being advertised and the strong jobs numbers continue to reflect a solid pace of hiring.

 

Labor Markets May Not Be As Tight As We Think: The latest jobs report from the Bureau of Labor Statistics was well above expectations, but upcoming releases could be weaker than these headline numbers suggest. Each state is currently undergoing their annual benchmarking processes, which will bring the typical monthly estimates in line with payments into statewide unemployment insurance systems last year. These figures suggest that we may see 2023 employment levels revised downward in California. This is supported by the fact that initial claims for unemployment insurance (UI) in California have been rising since September of last year while continuing UI claims reached their highest levels since early 2022 last week.

 

Consumers Still Source Of Concern Despite Recent Strength: Although consumers remain unflappable due to strong labor markets and ongoing wage and productivity growth, they face mounting headwinds from rising debt levels, dwindling savings, and higher interest rates. Not only have revolving debt levels (i.e., credit cards) risen by roughly $300 billion dollars since the pandemic, but delinquency on those credit cards is up nearly 130% since 2021. In addition, savings rates dipped below 4% last quarter and the Fed’s report on money supply shows M2, which represents “cash, checking deposits, savings accounts, and other types of deposits that are readily convertible to cash such as CDs and money markets” – in other words, the money U.S. households have available to spend – has been shrinking for 13 months consecutively. This may begin to crimp spending in coming quarters if labor markets soften, which may ease inflationary pressure and help the Fed to justify more rate cuts.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our 

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

For Rent

2892 Walker Lee Dr. 

Rossmoor 90720

5 Bed | 8 Bath | 6,041 SF | $15,000 / mo

 

Welcome home to perfection in this one-of-a-kind home in the highly sought after community of Rossmoor. Breathtaking elegance is evident upon arrival & deepens with the discovery of each exquisitely unique space, feature & divine amenity.  

12661 Martha Ann Dr.

Rossmoor 90720

4 Bed | 3.5 Bath | 2,221 SF | $6,500 / mo

 

Welcome Home - Located in the highly sought-after prestigious community of Rossmoor, Orange County. All elements throughout this 4 bedroom, 3.5 bath turn-key home come together to create a space that radiates contemporary style with modernist amenities.

In Escrow

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $699,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

 

3825 Linden Ave. 

Long Beach 90807

3 Bed | 2 Bath | 2,142 SF | $1,250,000

 

Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd. 

2512 W Beachy Pl Long Beach 90815

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

Recently Sold

2174 Stanbridge Ave 

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle. 

5417 Bonfair Ave 

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood. 

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St. 

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard. 

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

Facebook  Twitter  Instagram  Linkedin  Youtube   

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

 

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

Feb. 1, 2024

Pending Sales Rising Year-to-Year in January - Market Update for 2/2/2024

Urban condo with floor to ceiling windows and ocean view

Recent economic data demonstrates that the U.S. has consistently out-performed the more gloomy outlooks that called for slower growth in 2023. While a stronger economy has, thus far, meant upward pressure on mortgage rates, the average 30-year fixed-rate mortgage remains below 7% where it has been since early December. This has helped to thaw the housing market, which has seen pending sales rise for the first time since rates hit bottom in early 2021. However, as the rebound in housing demand has yet to be accompanied by an equal (or greater) supply response, the market in California is quickly becoming competitive once again as fewer sellers are reducing prices and the median price continues its upward trend that began last summer.

 

Mortgage Rates Are Still Below 7%: Despite a relatively upbeat GDP report last week that had the economy expanding at a 3.3% rate to close out 2023, mortgage rates remained below 7%--continuing the rally that began in December following the Federal Reserve’s latest meeting. Inflation continues to trend down and that has bolstered hopes that the Fed is through raising interest rates and will begin to make cuts to the Fed Funds Rate later this year. This should help to bolster home sales during the spring and summer months as gradually declining rates help to slowly alleviate the “lock-in” effect that many homeowners currently feel as a result of their historically low rate on their existing mortgage. Although many homeowners are below 3%, the ones with 5% rates or higher will begin to see the financial disincentive for moving dissipate as rates slowly creep downward.

 

Pending Sales Rising Year-to-Year in January: Although December marked a new low for existing single-family transactions for California, pending sales through the weekend ending January 28th show pending home sales rising on a year-to-year basis for the first time since the spring of 2021. The recent reprieve on 30-year fixed-rate mortgages from over 8% to consistently below 7% over the past month has helped to bring buyers back off of the sidelines. However, new listings remain relatively depressed and the market is becoming more competitive as demand outpaces the supply response to lower rates. The percentage of active listings that have reduced prices fell for the 8th week in a row last week and prices look to be on track for their 7th increase in a row when the January numbers become finalized next week.

 

Fewer Sellers Locked-In Below 5%: According to data from the National Mortgage Database, the percentage of Californians with an interest rate below 4% has shrunk for the 6th consecutive quarter after peaking during early 2022. As of the third quarter of 2023, there were 67.9% of the mortgages outstanding at or below 4%--down from nearly 72% 18 months prior. At the same time, the percentage of mortgages at a 5% interest rate or higher has climbed for the 6th quarter in a row. Despite the relatively low level of transactions, the sales closed during the past two years have helped to put a growing number homeowners in rates that are closer to current market rates and that should begin to help with housing inventory as we enter the spring homebuying season.     

 

New Home Sales Back Up: After dropping by 9% during November, new home sales bounced back and almost erased the previous month’s decline—rising by 8%. As existing housing stock remains very tight, home builders are taking advantage of the recent reduction in mortgage rates that has brought more buyers back to the market following a quiet holiday homebuying season. Unfortunately, new home sales in California are unlikely to be leading the charge as new single-family construction has been very depressed in recent years, but it is a hopeful sign that demand for housing persists, which will help to motivate more builders to take on new projects and add much-needed supply to housing stocks across the nation.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

For Sale

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $699,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

 

3825 Linden Ave. 

Long Beach 90807

3 Bed | 2 Bath | 2,142 SF | $1,250,000

 

Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd. 

In Escrow

2512 W Beachy Pl Long Beach 90815

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

Recently Sold

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

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WHAT'S MY HOME WORTH?

 

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

 
Jan. 25, 2024

With Rates Declining To A 7-Month Low, Americans Are Feeling More Positive About The Market

contemporary living room with open concept view through to dining room kitchen and a marble fireplace with gas fire

The housing market had a tough year in 2023 as tight supply and high costs of borrowing continued to have a negative impact on supply and demand. Easing inflationary pressure and a soft economic outlook, however, suggest that there will be some interest rate cuts on the horizon in 2024, which bode well for a housing market recovery. With rates declining to a 7-month low, Americans are feeling more positive about the market, and we could begin to see some increase in market activity. Meanwhile, home prices should maintain their upward momentum as tight supply remains the norm and the market will likely observe a mid-single-digit year-over-year growth rate in the statewide median price in at least the early part of 2024.

 

California home sales remain stagnant at the end of 2023: California home sales in December remained near the 16-year low reached in November and continued to drop year-over-year for the 30th straight month. For the year as a whole, 2023 recorded an annual sales level of 257,630, a decline of 24.8% from the revised sales level of 342,530 reported in 2022. The annual sales decline in 2023 was the biggest drop in existing home sales in California since 2007. With rates moderated sharply at the end of 2023, home sales should see a bounce back in January and February, but the improvement will be mild in the next couple of months.

 

Tight supply continues to be the norm but market could see more inventory this spring: Active listings at the state level declined on a year-over year basis for nine straight months, and the decline for the current month remained above 10%. New active listings at the state level also dipped from a year ago for the 18th consecutive month but the annual decline remained below three percent for the second month in a row. Twenty-four of the fifty-one counties tracked by C.A.R., in fact, increased in new active listings from December 2022. With mortgage rates remaining well below the cyclical peak reached last October, the market will hopefully see more for-sale properties being listed in the first quarter of 2024. 

 

Housing starts dip from November but builder sentiment boost hopes for spring: The U.S. Census Bureau reported a seasonally adjusted annual rate of 1.46 million units of housing starts in December, a drop of 4.3% from November but an increase of 7.6% from 1.36 million in December 2022. Single-family starts dipped 8.6% on a month-to-month basis but jumped 15.8% from 12 months ago. The monthly decline in December was attributed partly to a change in weather conditions, as an unseasonably warm November could have pulled some constructions forward. Building permits, on the other hand, inched up slightly by 1.9% from November and by 6.1% from 12 months ago. Builder sentiment continues to improve as lower mortgage rates motivate more potential homebuyers to return from the sidelines. The National Association of Home Builders’ Housing Market Index (HMI) increased seven points to 44 in January, reaching the highest level since September 2023. More permits and higher builder confidence level suggest that housing construction could rise again in coming months.     

 

Retail sales remained strong and exceeded expectations: Consumers spent more than expected in the final month of 2023, with December retail sales up 5.6% (not inflation adjusted) year-over-year. The latest retail sales report showed broad-based solid growth at the end of last year, with spending at Restaurants and Bars surging the most (11.1%) from the prior year, followed by Electronics and Appliances (10.7%) and Health and Personal care (10.7%). Many shoppers have used the “buy now, pay later” financing option during the holidays, with the payment plans racking up $16.6 billion in online spending during the holiday season. As such, there could be a pullback in consumer spending in the months ahead as bills come due for shoppers who borrowed forward at the end of last year.

 

Biggest 2-month surge in consumer sentiment in 30+ years: Consumer sentiment reported by the University of Michigan jumped to the highest level since 2021 as Americans began to feel more upbeat about the economy. The sentiment index climbed 9.1 percentage points to 78.8 and the surge was the biggest monthly increase since 2005. On a two-month basis, the index rose 29% cumulatively and posted the largest 2-month increase since 1991. Compared to the all-time low registered in June 2022, the reading in January 2024 was 60% higher. With inflation cooling and the labor market remaining solid, it is not a surprise that consumer sentiment began to pick up in recent months. Inflation expectation a year from now, in fact, declined to 2.9% in January from 3.1% in December, the lowest level since December 2020. The rapid improvement in consumer sentiment is a positive sign for the general economy but is also a signal that rates could remain higher for longer.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

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For Sale

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $699,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

OPEN HOUSE

Sat (1/27) & Sun (1/28) 12 - 3pm

3825 Linden Ave. 

Long Beach 90807

3 Bed | 2 Bath | 2,142 SF | $1,250,000

 

Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd. 

In Escrow

2512 W Beachy Pl Long Beach 90815

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

Recently Sold

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

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SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

 

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

Jan. 19, 2024

Homebuyers Are Starting To Come Off The Sidelines - Market Update for 1/19/2024

Modern Updated Beautiful Kitchen Design

Despite inflation rising slightly more than expected at the end of last year, news headlines in 2024 so far have been mostly positive. Consumers begin to believe that overall price growth is slowing, while rates are stabilizing, and more homebuyers on the sidelines are coming back to the market. These are encouraging signs that could kick start the housing market in the new year and could help turn the market around. If the sentiment remains upbeat and the upward momentum continues, we could see a bounce back in market activity in the near term.

 

Inflation rises more than expected in December: Consumer prices rose more than expected, with the headline inflation increasing 0.3% month-over-month and 3.4% year-over-year in December. Economists were expecting the Consumer Price Index (CPI) to have an increase of 3.2% for the final month of the year, an inch-up from 3.1% recorded in November. Most of the increase in the overall prices came from rising shelter costs, as the category jumped 6.2% year-over-year. The Core CPI – inflation excluding food and energy – continued to fall on an annual basis in December, with the index dipping to 3.9% from November’s 4%. It was the first time in two and a half years that the core CPI dropped below the 4% threshold. Despite a slight uptick in the headline CPI, inflation continues to ease, but the downward trend is somewhat sticky and is moving at a slow pace. Looking ahead, the headline CPI should decline further in coming months and will likely drop below 3% year-over year by the end of 2024.

 

Short-term inflation expectation dips to the lowest point in three years: Americans began to take note of the slower growth in prices and started to believe that inflation is cooling. The median inflation expectation at the one-year ahead horizon fell to 3.0% in December from 3.4% recorded in the prior month, as reported by the New York Fed in its Survey of Consumer Expectations. The year-end number has come a long way from the high of 6.8% registered in June 2022, but remained above the pre-pandemic 5-year average of 2.7%. Consumers in December continued to expect home prices to grow at 3.0% a year from now, unchanged from the prior month, but continued to stay above the survey series 12-month trailing average of 2.4%. The slowdown in inflation expectations is a positive sign that prices will continue to ease later this year, as expectations can feed into actual inflation and could turn them into self-fulfilling prophecy.   

 

Mortgage Rates Decrease to Lowest Level Since May of 2023: The average 30-year fixed rate mortgage (FRM) reported by Freddie Mac as of January 18 declined to 6.6%, its lowest rate since May 2023. With CPI coming in slightly higher than expected though, rates could see some volatility in the coming weeks. Lower rates brought some homebuyers off the sidelines at the start of the year, with mortgage applications surging 9.9% week-over-week in the first week of 2024, according to Mortgage Bankers Association. Purchase applications, while still down 16% from the year-ago level, were up 6% from the prior week. 

 

U.S. foreclosures up in 2023 but remain below pre-pandemic levels: Foreclosure filings on U.S. properties increased to 357,062 in 2023, a jump of 10% from 2022 but a decline of 28% from 2019, according to ATTOM. Foreclosure activity was also well below the Great Recession level, with filings in 2023 down 88% from the peak of 2.9 million in 2010. The 357k plus properties with foreclosure filings represented 0.26% of all U.S. housing units, a slight uptick from 0.23% in 2022, but a dip from 0.36% in 2019 and a steep decline from the peak of 2.23% in 2010. For the month of December, 20,490 properties in the U.S. started the foreclosure process, an 8% decline from the prior month, and a drop of 3% from the same month in 2022. Nationwide, one in every 4,606 properties had a foreclosure filing in the last month of the year. At the state level, California had 29,180 foreclosure starts in 2023, an increase of 7% from 27,269 reported in 2022. With home prices expected to increase in 2024 and the economy likely to experience a mild growth this year, foreclosure activity could fluctuate but is not expected to increase sharply in the next 12 months.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

In Escrow

2512 W Beachy Pl Long Beach 90815

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story, single-family home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

Recently Sold

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

Facebook  Twitter  Instagram  Linkedin  Youtube  

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855

Jan. 11, 2024

Americans are feeling more confident about the housing market at the beginning of 2024 - Market Update for 1/12/2024

Romance. Full length of beautiful young couple in casual clothing dancing and smiling while standing in the kitchen at home

Americans are feeling more confident about the housing market at the beginning of 2024 as buyers and sellers start seeing a glimpse of hope at the far end of the tunnel. While rates had a slight uptick the first 2 weeks of the year, easing inflationary pressure and a soft economic outlook prompted many to believe that mortgage rates will decline, albeit slowly, in the next 12 months. The housing market should see a bounce back in activity in the coming months if the sentiment can maintain its upward momentum. The improvement, however, will likely be gradual as tight housing supply remains the norm in 2024.

 

Mortgage rates go up slightly to start off 2024: After reaching a 7-month low in the last week of December, mortgage rates kicked off the year with a mild uptake in the first 2 weeks of 2024. The average 30-year fixed rate mortgage (FRM) reported by Mortgage News Daily inched up from 6.67% on the last trading day of 2023 to 6.72% at the closing on January 11, 2024. The boost in rates was due partly to more upbeat economic data and partly to the recent increase in traders’ doubts about the Fed’s rate cuts in the next 12 months. With the latest jobs report suggesting a stronger-than-expected labor market, rates could continue to see some volatility in the coming weeks. Mortgage demand, meanwhile, remained soft as mortgage applications dropped again at the end of last year. Despite the recent downward trend in rates, the latest purchase application index reported by Mortgage Bankers Association decreased 5% compared to two weeks ago, as supply constraints continued to hold back market activities.

 

Home purchase sentiment bounces back at year-end: With interest rates dropping to the lowest level in seven months, optimism about the housing market began to come back at the end of 2023. The home purchase sentiment index released by Fannie Mae jumped 2.9 points to 67.2 in December and reached the highest level since April 2022. The share of consumers who said that it is a good time to buy rose to 17%, an increase from the survey low of 14% recorded in the prior month. The surge in confidence last month was driven primarily by the increase in optimism that mortgage rates will soften, as a record-high 31% of the respondents believed that rates will decline over the next 12 months. While rates have been moving mostly sideway in the past couple of weeks, receding inflationary pressures coupled with the expectation of the Fed’s policy rate cuts will likely lead to more downward drifting in mortgage rates later this year.

 

Solid residential market pushes up construction spending in November: Despite a slowdown in new home sales pace in November, construction spending advanced again in November as single-family construction continued to provide support to new building activity. Total outlays for residential and non-residential posted a solid gain with an increase of 0.4% month-over-month in November and improved for the eleventh consecutive month. Residential spending was up 1.0% from October, with single-family outlays surging 2.9% as inventory remained low in the existing housing market. Multifamily outlays inched up 0.1% month-over-month in November but continued to moderate, as apartment demand remained on a normalizing trend. Builders are expected to pull back further in 2024 as the apartment supply pipeline remains saturated in the next 12 months.

 

December job gains top expectation: The December jobs report came in stronger than expected yet again, with employers adding a seasonally adjusted 216k jobs last month. Employers added a total of 2.7 million for the year 2023, a sharp decline from 4.8 million in 2022, but still a stronger number compared to the few years preceding the pandemic era. The unemployment rate was unchanged at 3.7% in December, but the labor force participation dipped an unusually large 0.3 points to 62.5%. A slip in the rate is a discouraging sign for the Fed officials, as fewer people being drawn into the labor force could put upward pressure on wages. Average hourly earnings, in fact, rose 4.1% year-over-year in December, a tick-up from 4.0% in November. The latest jobs report, while more robust than the consensus expectation, continues to suggest that the labor market has cooled over the past year. As such, it is unlikely to have a change on the Fed’s rate movement perspective in the next FOMC meeting.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

For Sale

2512 W Beachy Pl Long Beach 90815

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story, single-family home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

Recently Sold

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

 

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

1007 Catalina Ave #108

Redondo Beach 90277

2 Bed | 2 Bath | 1,181 SF | $1,175,000

 

Welcome to Your Dream Beach Home! A Stunning 2 story, 2 bedroom, 2 bath condo located half a block to the beach. Beautifully updated throughout with dramatic high ceilings, gorgeous kitchen, and an abundance of natural light and open space.

Facebook  Twitter  Instagram  Linkedin  Youtube  

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855